Thomas Cook sells North American unit for 3.4 mln stg

LONDON, March 20 British travel firm Thomas Cook
has agreed to sell its North American business to
Canada's Red Label Vacations Inc for 3.4 million pounds ($5.14
million), it said on Wednesday.

The 172-year-old group said the sale of Thomas Cook North
America, made up of Thomas Cook Canada and Thomas Cook USA,
would be complete by May 31, 2013.

Thomas Cook, which has struggled over the last two years
with a slump in sales that has forced it to renegotiate bank
loans and sell businesses, said the proceeds of the deal would
be used to lighten its 788 million pounds debt load.